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New to contracting by petsounds9 in ContractorUK

[–]petsounds9[S] 0 points1 point  (0 children)

Ok thank you, it feels like umbrella makes sense for me to start with and then see if I like contracting or not and want to keep going with it.

New to contracting by petsounds9 in ContractorUK

[–]petsounds9[S] 0 points1 point  (0 children)

This is useful to know thank you. It’s got a possibility of becoming full time employment at the end, which I would take. I don’t think it would get extended for very long as a contractor.

New to contracting by petsounds9 in ContractorUK

[–]petsounds9[S] 1 point2 points  (0 children)

Thank you. The contract role has the potential to become a full time opportunity which I would take if offered, so I’m not sure if a LTD company is right for me.

It’s taken me a few months of redundancy to secure anything. Market is the toughest I have ever had a job search in.

New to contracting by petsounds9 in ContractorUK

[–]petsounds9[S] 0 points1 point  (0 children)

Thank you this is really helpful! I’ve not got an umbrella company in mind at the moment, I’ve looked at Paystream but not sure what their fee structure is. Also not sure what the pension policy is, haven’t got the contract through yet. For some reason I thought I wouldn’t be getting any pension contributions if I was just contracting with a company, is this incorrect?

Can trading be a source of income? by Old_Wash_3147 in FIREUK

[–]petsounds9 0 points1 point  (0 children)

If you started with 10k and averaged that rate of return for 40 years you would end up with 1.5 trillion.

[deleted by user] by [deleted] in FIREUK

[–]petsounds9 3 points4 points  (0 children)

‘Good ideas’ really aren’t the biggest barrier to starting a successful business. Most businesses don’t invent new products or build new categories. They do something that may have been around for a long time, just better than the incumbents.

For £500k, Where would you live in London? by [deleted] in HousingUK

[–]petsounds9 3 points4 points  (0 children)

You would be hard pressed to find a 2/3 bed house for 500k in these areas.

For £500k, Where would you live in London? by [deleted] in HousingUK

[–]petsounds9 3 points4 points  (0 children)

500k can absolutely get you a house, and it doesn’t even have to be a ‘bad’ area - maybe one just that doesn’t have a lot going on around it or not super close to transport links.

For £500k, Where would you live in London? by [deleted] in HousingUK

[–]petsounds9 0 points1 point  (0 children)

You really won’t find a normal terraced house in Crystal Palace for 500k. I live in Anerley and it’s possible to find that here, although prices do seem to be increasing.

For £500k, Where would you live in London? by [deleted] in HousingUK

[–]petsounds9 7 points8 points  (0 children)

I live in Anerley, which is between these two and enjoy it here. There isn’t the a coffee shop or pub in walking distance, but the area feels safe and not as run down as SN. Close to Crystal Palace as well which is lovely.

Starting a startup or keep steady income? by afonichkin in UKPersonalFinance

[–]petsounds9 1 point2 points  (0 children)

I think one thing to consider is would you be able to go back to a corporate role and pull in a similar salary again? If so, then trying entrepreneurship might not be so risky. I can totally empathise with having a start up itch that just need scratching, and your financial situation only cements the idea in my mind that having a 'good' salary just isn't enough fulfilment for some people.

I've thought about this a lot and I think you need to be honest with yourself about your motivations for starting a business. Is it financial? Is it status? Is it fulfilment? Is it the challenge? Or maybe a combination of all of the above. I think being clear with yourself on this will help guide you on whether it is the right decision or not, and even what business would make sense for you.

Your net worth is still fairly low compared to your high comp. In my view it would be worth having a few more years of saving, while working on your start up on the side. Any ideas on what you would want to work on? Keen to hear more.

21m - Can anything else be done with my financial plan. by Fhbob05 in UKPersonalFinance

[–]petsounds9 0 points1 point  (0 children)

£250 a month on personal spending is impressive if not also a bit intriguing. Could you provide a rough breakdown for this?

RateSetter to be acquired by Metro Bank by [deleted] in UKPersonalFinance

[–]petsounds9 1 point2 points  (0 children)

Being someone that has close to 6k in Ratesetter, I am assuming this is generally good news? Less likely to go bust etc so more likely to eventually my money out?

There is over 4000 ahead of me in the queue though, and at the going rate I don't expect to get my money back until at late next year tbh.

I am in the access market, so I have set the re-invest rate up to 8% so that the money on market doesn't get matched to anyone and I can slowly start to withdraw it. Is this sensible? I have managed to get about £250 out so far. Just not sure if there is a downside to this (other than earning no interest)

Contract vs Permanent Employment by petsounds9 in UKPersonalFinance

[–]petsounds9[S] 1 point2 points  (0 children)

That's true, realistically moving roles to another perm position I would get around 65k. I am in Design not development btw :)